Market Highlights: Sensex recoups losses, ends down by 11 pts, Nifty just shy of 11,200; RIL, HCL Tech gain 4%

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Updated: July 24, 2020 4:55:09 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Stock markets made a remarkable recovery from day's low and ended flat on Friday. HCL Tech and Reliance Industries were the top gainers on Sensex.

stock market live news,stock market live,stock market live india,stock market live update,stock market live nse,stock market live news today,stock market live news in hindi,stock market live nse,stock market live nse/bse,nse stock market live,live bse nse stock market today,bse nse live stock market news,nse stock market live news,nse bse india stock market liveVolatility spiked yet again on Friday as domestic markets took cues from global peers and slipped into the red.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices recouped most of the losses and ended flat on Friday. S&P BSE Sensex after following global peers went down as much as 300 points but in the closing hours recovered to end down just 11 points. The 50-stock NSE Nifty ended just shy of the 11,200 mark. HCL Tech and Reliance Industries were the top Sensex gainers jump[ing over 4% each. Tech Mahindra, Sun Pharma, and IndusInd Bank were the other top gainers. It was not the day for bank stocks with Axis Bank, SBI, and ICICI Bank being the worst performers on Sensex. Among sectors, Nifty IT ended in the green while rest all the indices were were in the red. Nifty Metal was down over 2%, followed by banking and finance indices. 

opened in the red on Friday taking cues from global peers but later attempted to stage a recovery. S&P BSE Sensex was down 60 points while the 50-stock Nifty was above the 11,150 mark. Reliance Industries was the top Sensex gainer trading with 4% gains. Banking stocks were seen pulling the index down with Axis Bank, State Bank India, ICICI Bank, and Kotak Mahindra Bank being the worst-performing stock. Onward Technologies was the best performing stock on BSE, up 16% while INEOS Styrolution was the worst performer, down 20%. Among sectoral indices, Nifty Pharma was up 1.38% and was the only sectoral index in the green. Nifty financial services was down 1.55%.

Amid the border row with China, the government of India on Thursday imposed restrictions on public procurement from China and other countries that share a common border with India. The move comes as the Government of India amended the General Financial Rules 2017 to enable the imposition of restrictions on bidders from countries that share a land border with India. The decision has been made on grounds of defence and national security. Any bidder from neighbouring countries will now only be eligible to bid in any procurement if they are registered with the competent authority.

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Highlights

    16:49 (IST)24 Jul 2020
    Sensex, Nifty recoup losses to end flat, continue to gain for sixth-straight week; check top gainers

    Domestic benchmark indices managed to recoup most of the losses during Friday’s trading session to end the day flat. S&P BSE Sensex ended down 11 points while the Nifty 50 was just shy of the 11,200 mark. With this, domestic markets gained 3% during the week, considerably more than their global peers. This was the sixth consecutive week where Sensex and Nifty managed to advance on their gains. Analysts say that the weekly gain was led by the quarterly numbers that were announced during the week which were better than expected with companies coming with a positive outlook.

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    15:37 (IST)24 Jul 2020
    Sensex, Nifty recoup losses, end flat

    Sensex managed to jump 380 points from day's low while nifty ended just shy of the 11,200 mark on Friday. Reliance Industries share price jumped over 4%, helping the share markets gain along with itself.

    15:02 (IST)24 Jul 2020
    GST relief: E-invoicing rules relaxed; now not mandatory for up to Rs 500 crore turnover

    In a major relief to businesses with up to Rs 500 crore turnover, the GST implementation committee has excluded them from compulsory e-invoicing of GST. Earlier the relaxation was for firms with up to Rs 100 crore turnover. However, the threshold will be raised five times higher with effect from 1 October 2020. The e-invoicing process was brought in to record sales details, reduce errors, automate data entry, and improve compliance and trust between tax officials and companies. The new feature of e-invoicing was also aimed to help auto-populate certain forms, which may reduce the efforts of businesses. However, the latest announcement on raising the threshold of e-invoicing compliance is expected to give smaller companies more time to adopt the new system.

    14:30 (IST)24 Jul 2020
    Ex-RBI chief Urjit Patel says insolvency rules caused rift with government

    Moves to dilute a new bankruptcy law caused disagreements between Prime Minister Narendra Modi’s government and the central bank, according to former Reserve Bank of India Governor Urjit Patel. The rift centered around a February 2018 circular issued by the RBI, which forced banks to immediately classify borrowers as defaulters when they delayed repayments, and which barred defaulting company founders from trying to buy back their firms during insolvency auctions. In a book released Friday, Patel — who headed the RBI between September 2016 and his unexpected resignation in December 2018 — said the government seemed to lose enthusiasm for the legislation in the middle of the year he left the central bank.

    13:57 (IST)24 Jul 2020
    If the trade tiff escalates then fears of US ending the Phase-One deal will arise keeping USDINR afloat

    This week USDINR spot traded in a very tight range of 74.50-75. The pair was unable to fall below 74.50 on likely RBI intervention and caution over US-China trade war. If the trade tiff escalates then fears of US ending the Phase-One deal will arise keeping USDINR afloat. But we don’t expect a sharp rally as traders are focusing on the coronavirus vaccine developments and are pretty convinced over getting additional stimulus packages. In spot 75 is acting as a psychological resistance, a consistent trading above that will lead to a rally towards 75.50. The USD/INR 1-month ATM Volatility has dropped to 5% from 5.67% as on Jul 14. The fall in ATM Volatility Term structure indicates that the market is not showing signs of stress.Thus, until significant cues, we expect USDINR will continue the sideways move within a broader range of 74.50-75.50. Only either side break will clarity over the trend: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:55 (IST)24 Jul 2020
    L&T Q1 net profit falls 70%; strong cash flow, better than expected results keep brokerages bullish

    Hit by the coronavirus pandemic and the resultant lockdown, Larsen & Toubro (L&T) reported a 69% on-year drop in consolidated net profit to Rs 536 crore. However, this was above street estimates which were not expecting the strong core performance in the engineering and construction segment. Although the stock slipped close to 2% during Friday’s trading session, brokerage firms see L&T as a stock standing strong in these challenging times while keeping its net cash position intact.

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    13:22 (IST)24 Jul 2020
    Gold nears $1,900! Veteran investor Mark Mobius says keep buying yellow metal

    Gold traded near $1,900 an ounce, edging closer to its all-time high set almost nine years ago, as concerns about global growth buoyed haven demand. Increasing signs that the prolonged coronavirus pandemic is stalling an economic recovery and the recent surge in tensions between the U.S. and China are underpinning demand for the metal. Bullion is heading for a seventh weekly gain, the longest stretch since 2011, while silver is poised for its biggest weekly advance in about four decades.

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    13:21 (IST)24 Jul 2020
    Mphasis share price rallies 12%, nears 52-week high on Apr-Jun results, new deal win

    Mphasis share price rallied 12 per cent to hit day’s high of Rs 1,097.25 apiece on BSE, a day after the company announced its April-June quarter results, which came in line with Street’s estimates. Mphasis stock is just inches away from its 52-week high of Rs 1,098.90, hit last week. So far, the stock has rallied nearly 80 per cent from March lows, taking the total market capitalisation of the company to Rs 20,426.99 crore.

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    12:39 (IST)24 Jul 2020
    Monsoon progress slowed this week, with India receiving below average rainfall ~ Barclays

    The progress of this year's monsoon hit a mini hiatus, with India receiving below average rainfall over the past week.  For July so far, the country as a whole has received rainfall slightly less than historical monsoon averages, with parts of the northwestern region and central India recording large deficiencies. That said, the deficiency of rainfall in the northwest fell versus the previous week and cumulative rainfall for the 1 June to 23 July period is still close to 6% above the long-period average (LPA). Moreover, areas reporting shortages, such as Western UP, Eastern Rajasthan and Gujarat region, are largely irrigated through canals, which should limit any negative impact. 

    12:08 (IST)24 Jul 2020
    Sun Pharma share price jumps 4.2%; how a $400 million outgo turns out to be company’s gain

    In a regulatory filing, Sun Pharma said that the company has resolved all cases in connection with the multi-year investigations by the Department of Justice, Antitrust Division, and Civil Division into the U.S. generic pharmaceutical industry. The pharma major said that it has reached an agreement with the Department of Justice, which will file an Information for conduct that took place between 2013 and 2015. After its agreement with the justice department, Taro Pharma will pay $205.7 million and another $213.3 million to resolve all claims related to federal healthcare programs. 

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    12:03 (IST)24 Jul 2020
    Earning good returns in volatile share market: These sectors set to outperform in next 5 years | INTERVIEW

    Indian share market bounced back over 45 per cent from March lows amid many ups and downs. Analysts maintain their cautious view on the market in the short-term. Vinod Nair, Head of Research at Geojit Financial Services, believes that if investors wish to earn decent returns in this volatile market then sectors such as Pharma, IT, Chemicals and export-oriented companies can be looked into. These sectors may outperform the stock market by a wide margin in the next 5 to 10 years.

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    11:03 (IST)24 Jul 2020
    Resilient, despite the challenging outlook ~ ICICI Securities on L&T

    Larsen & Toubro (L&T) posted better than expected margins, especially under the key infrastructure segment, and was able to control liquidity to a large extent despite the macro challenges. The dependence on large orders given their size, subdued private sector capex and near to medium term spending constraints on state and Central governments is likely to impact the order intake outlook. Overall order prospects are at Rs6.3trn, with Rs5.1trn coming from the domestic market, which provides visibility. We expect substantial ordering to emerge in certain sectors like railways, road, metro, oil & gas, etc. in the domestic market. Revival of crude prices will be a key determinant of Middle East order growth. Factoring-in the near term growth challenges, we cut consolidated earnings by 8.6% and 4.6% respectively, for FY21E/FY22E. Maintain ADD with a revised SoTP-based target price of Rs1,027 (previously: Rs1,040).

    ~ ICICI Securities

    10:52 (IST)24 Jul 2020
    Gold prices continue to rally, near 51,000 per 10 gms; should you buy or sell the yellow metal?

    Continuing the gaining momentum, gold prices surged yet again in Friday’s trade as investors rushed for safe-haven assets amid coronavirus pandemic and geopolitical tensions. In today’s session, MCX gold prices are off from a record high of Rs 50,936 per 10 grams touched in the previous session. Gold prices have surged over 32 per cent from March low of Rs 38,500 per 10 grams. While on a year-to-date (YTD) basis, yellow metal prices have gained around 30.10 per cent.

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    10:23 (IST)24 Jul 2020
    Top Sensex losers today: These banking stocks drag share market indices in opening trade

    Sensex and Nifty followed global peers as they slipped into the red on Friday morning. S&P BSE Sensex opened down 260 points while the 50-stock NSE Nifty gave up the crucial 11,200 mark. Equity markets did cut some of their losses in the initial hour of trade but did not manage to come out of the red. Asian stock markets were largely trading with losses on Friday as investors took cognizance of the renewed tensions between the United States of America and China. Reliance Industries Limited was one of the top gainers, hitting a fresh 52-week high as it breached the Rs 13 lakh crore mark in terms of market capitalization.

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    10:00 (IST)24 Jul 2020
    Unless we close below 74.70 today, the shorts would get discouraged

    The US Dollar weakened against majors and strengthened against commodity and EM currencies in a typical risk-off move. We highlighted in our message yesterday that while US nominal yields are steady, inflation expectations have spiked, pushing real rates further lower into negative territory. 10y TIPS in US were auctioned at a record low yield of -0.93%! USD/INR has rebounded sharply everytime it has come close to 74.50. Unless we close below 74.70 today, the shorts would get discouraged. Hopes of a break of 74.50 would diminish and we could see a short-covering move higher. In that case, we would continue to remain in the 74.50-75.50 band for some more time: Abhishek Goenka, Founder and CEO, IFA Global

    09:59 (IST)24 Jul 2020
    Rupee likely to remain insulated from bittering risk sentiment

    Rupee is likely to remain insulated from the bittering risk sentiment as the dollar continues to decline and is at nearly 2 years lows. Also, the pickup in the FII inflows in equity which is about $838 million in the past 4 trading sessions can additionally hold supportive for the pair. Hence, further losses for rupee coming with deteriorating risk sentiments and decline in EM peers are likely to be caped near 75.50 levels, thereby keeping a range of 74.50-75.50 intact for the near term: Amit Pabari, managing director, CR Forex Advisors

    09:58 (IST)24 Jul 2020
    RIL share price tops Rs 2,100, m-cap over Rs 13 lakh crore; now 48th most-valued firm globally

    Reliance Industries (RIL) share price hit another fresh all-time high for the third straight day on Friday, surging nearly 4 per cent to touch Rs 2,139.95 apiece. In the previous session, the oil-to telecom conglomerate became the first Indian company to have a market capitalisation of Rs 13 lakh crore. The company jumped to Rs 13 lakh crore m-cap from Rs 12 lakh crore in just trading eight sessions and made a place into the top 50 most valued companies globally.

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    09:13 (IST)24 Jul 2020
    Stocks in focus: ITC, Asian Paints, Axis Bank, Lupin, SpiceJet, realty stocks, to remain in news

    Ambuja Cements, JSW Steel, Coromandel International, ITC, Asian Paints, Crompton Greaves Consumer Electricals, TCI Express, Texmo Pipes, Welspun India, etc., are scheduled to announce their quarterly earnings later in the day today.

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    08:35 (IST)24 Jul 2020
    Reliance Industries postpones quarterly results

    Mukesh Ambani's Reliance Industries has postponed its quarterly results announcement to July 30, instead of the earlier decided date July 24. 

    08:35 (IST)24 Jul 2020
    Quarterly results to be announced today

    So far earnings have surprised market participants and to add to that the commentary coming in from the management of various firms is optimistic about the future. Today ITC will announce its April-June quarter results, along with it will be Asian Paints, ZEE Entertainment, Ambuja Cements, and Coromandel International. 

    08:31 (IST)24 Jul 2020
    Sensex, Nifty stare at gap-down opening on Friday; key factors that may sway investor sentiment

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-down opening on Friday amid rising coronavirus cases and US-China tensions. Market participants will take cues from global markets, trends in coronavirus cases, Apr-Jun quarterly numbers and stock-specific developments. In the previous session, headlines ended with gains. Now they both are just 10 per cent off from their January highs.

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    08:20 (IST)24 Jul 2020
    Strong debut by Rossari Biotech

    Rossari Biotech shares were listed on the bourses on Thursday and they opened at a 57% premium to the issue price. The stock continued to rally the entire trading session closing at a price of Rs 742 per share.

    08:15 (IST)24 Jul 2020
    Battling slowdown, FM Sitharaman asks 7 CPSEs to achieve 50% of capex target by end-September

    Worried over slowdown in capex by the central public sector enterprises (CPSEs), finance minister Nirmala Sitharaman on Thursday asked select seven CPSEs to accelerate spending to achieve 50% of their FY21 capex target by the end of September quarter (Q2). These PSUs had achieved only 14% of annual capex target in Q1.

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    08:14 (IST)24 Jul 2020
    Clearance from the ministries of external and home affairs to be necessary

    Political and security clearance from the ministries of external and home affairs respectively will be necessary for the registration. India has taken several steps recently which could be construed as economic retaliation against China including stringent Customs scrutiny and banning of assorted Chinese apps in the wake of a short-lived, bloody border stand-off. Power minister RK Singh had said earlier a complete ban would be in place forthwith on import of power equipment from the neighbouring country.

    08:11 (IST)24 Jul 2020
    No more Chinese bidding for government tenders! Modi govt imposes restriction on public procurement

    Amid border row with China, the government on Thursday imposed restrictions on public procurement from China and other countries with a common border. The Government of India amended the General Financial Rules 2017 to enable imposition of restrictions on bidders from countries that share a land border with India on grounds of defence of India, or matters directly or indirectly related thereto including national security, an official statement said.

    Read full story

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